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Warren Buffett on US Debt: The American economy is facing an unprecedented crisis these days. On the one hand, there is a danger of recession due to the worst banking crisis since 2008, while on the other hand, there is a risk of default in payment of loan installments in front of America. Veteran investor Warren Buffett has reacted for the first time in view of these circumstances.
There will be havoc in the system
Warren Buffett is currently in Omaha in the US state of Nebraska to attend the annual general meeting of investors of his company Berkshire Hathaway Inc. During this, he said on Saturday about the deepening apprehension of American default that he had never imagined such a situation even in his dreams. He also criticized the way the banking sector has handled the recent crisis and said that if the apprehension of default turns out to be true, it will cause havoc in the financial system.
unnecessary fear spread
Buffett openly discussed the banking crisis at the annual meeting of Berkshire’s shareholders. He said the way politicians, regulators and the press handled the collapses of Silicon Valley Bank, Signature Bank and First Republic Bank was downright wrong and caused undue fear to bank depositors.
still trust america
The veteran investor said that the nature of fear is contagious. If there is a fear in the minds of the people that their money is not safe in the banks, then in such a situation you cannot run the economy. However, he also made it clear that even after all the changes, his trust in America has not diminished. He said that in today’s time also he would like to be born in America.
Strong earnings for the company
Earlier, Buffett’s company Berkshire released the financial results for the March quarter. The company had a profit of $35.5 billion during the quarter. The company repurchased its shares worth $ 4.4 billion during this period. When Berkshire feels that its shares are undervalued, then it buys its own shares. On the other hand, the company sold shares of other companies worth $13.3 billion during the quarter.
Buffett has this much wealth
Warren Buffett has become wealthy by investing money in the stock market. He has also been the richest person in the world many times. He is currently the fifth richest person in the world with a net worth of $113 billion. Buffett, 92, has been handling Berkshire since 1965. He is counted among the biggest donors of the world. So far he has donated more than 51 billion dollars. He has promised to donate 99 percent of his total wealth.
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